The minimum down payment will be determined by the loan program and your qualifications as a borrower.
Only two 100% Financing programs are currently available. One of which is the VA loan program. VA financing is only available for eligible veterans. The second 100% options is USDA financing. USDA loans do have geographic restrictions to rural areas though.
For an FHA and FHA 203K mortgages, the minimum down payment is 3.5%. That down payment can be from the borrowerâ€™s own funds or a gift from a family member.
Conventional mortgages typically require at least 5% down for a primary residence. Any conventional mortgage with less than a 20% down payment will require monthly mortgage insurance.
With collection accounts, most of the damage is done when they are initially placed on your credit report. Some are now reporting you are late each month the debt goes unpaid. This continues to drag on many peopleâ€™s credit scores each month until the debt is paid in full. Until you do that, your credit score has little chance of improving.
To build positive credit, you typically need to have 2-3 trade lines reporting for 12-24 months. There should be no late payments or other derogatory items reported in the last 12-24 months.
To get Pre-Qualified to purchase, you can submit your request online at http://www.rodneymason.com.
Rodney Mason, NMLS #151088
Sr Loan Officer
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia
Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePathÂ® | HomePathÂ® Renovation | HomeStyleÂ® Renovation | VA | USDA | GA Dream | Jumbo Financing
They have things like 100% financing low interest rates etc credit score of
Each case is unique but you can start by going to the USDA rural housing website and find your local office.
If you need any help or
When you are ready to look for homes contact me at (678)602-7083